The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for a particular day. $ 980 557 Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs 26,600 18,090 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory Current period units started Ending inventory 800 units (60% complete as to materials, 50% complete as to conversion) 5,900 units 1,500 units (40% complete as to materials, 15% complete as to conversion) Compute the cost of goods transferred out and the ending inventory using the FIFO method. (Do not round intermediate calculations.) Answer is complete but not entirely correct. S 364 X Cost of goods transferred out Cost of ending inventory S 535 x